KUALA LUMPUR, August 22 2017 – Lazada Malaysia today announced their partnership with AIG Malaysia, a subsidiary of American International Group, Inc (NYSE:AIG), to provide a more convenient and seamless purchase of AIG insurance on their online shopping platform.
Buy AIG Insurance Coverage On Lazada
Customers who shop on Lazada Malaysia can now purchase Travel, Snatch Theft and Personal Accident (Active Lifestyle Care) coverage via the ‘freestanding’ AIG shop-front. The premiums on these AIG insurance coverages will be priced between RM 8 to RM 115.
Malaysia’s general insurance penetration level, measured in terms of premiums as a share of GDP, stands at less than 2% as compared to 3-4% in more developed markets. Recognising that the population remains largely uninsured, the partnership seeks to continue expanding the reach and penetration of insurance in the country, further generating more awareness among consumers.
“Enabling opportunities in the digital and direct channels for the purchase of insurance will be able to improve transparency and enable easier product comparisons, further ensuring that our customers are well-informed about the right products that suit their needs. We continuously invest to provide services that create a more engaging customer experience, and ultimately, better serve the needs of Malaysians. This collaboration is timely and helps prepare Malaysians to take a better charge of their future,” said Hans-Peter Ressel, Chief Executive Officer of Lazada Malaysia.
According to Antony Lee, AIG Malaysia’s Chief Executive Officer, the partnership is another milestone for AIG Malaysia to reach out to a very underinsured segment of the market that favours the convenience of purchasing on digital platforms. These AIG insurance products are specifically tailored for this market at competitive premium prices.
“Lazada not only presents a compelling retail presence, but also offers a strong online platform that enables AIG Malaysia to offer the relevant products to the right customers at the right time, and for the right reasons. With some 50 per cent of Lazada’s customers aged between 26 and 35 years – well within AIG’s target customer segments – the partnership will provide us with the opportunity to better understand our customers’ needs and to continuously match them with the right insurance solutions.”